For decades, Google (GOOG) has reigned supreme in the search engine kingdom. But a challenger emerges, wielding the power of Artificial Intelligence: OpenAI. With Google recently rolling out its AI chatbot Gemini, the stage is set for a battle for the future of search engine dominance.

With OpenAI seeking trillions of dollars in funding, its search engine plans appears a little too ambitious at the moment. While shares of Google dipped following the report by The Information last week, the pullback was likely sparked by some sector rotation. Mega caps have been under pressure lately ahead of the pivotal NVIDIA(NVDA) earnings report on Wednesday. Investors await to see if AI implementation has sustained its outsized demand.

We urge caution buying any AI-related stocks before NVDA reports this week, Google included. However, if the stock continues to retreat, it may offer a decent buying opportunity.

Looking at the daily timeframe below reveals an obvious uptrend. Shares closed below their 50-day moving average (142.89) on Friday, an indicator that offered support earlier this month. However, after slipping back into the channel, shares are testing support at the trend line. Given how much AI has likely propped up the market this year (and much of last year given the disparity between the S&P 500 and its equal-weight counterpart (Ticker RSP), markets may chop up until Wednesday when NVDA reports earnings after the close.

Even though the potential ramifications of OpenAI encroaching on Google's territory are vast, any fear at the moment would likely be overblown, magnified by shares of Google reaching all-time highs late last month.

We recommend holding off on buying Google until after NVDA reports earnings on Wednesday, assigning a Hold rating at the moment. Shares could quickly snap back to all-time highs if NVDA blows out analyst forecasts. However, given the past two reports from the AI giant, it would not be surprising to see profit-taking on NVDA only for shares to establish a higher low and ultimately begin their climb back to all-time highs. If NVDA sells off, Google may tick toward its 200-day moving average (109.82), which would present a much more attractive entry point.